Whitehaven cuts coal guidance

Written By Unknown on Kamis, 24 April 2014 | 15.02

WHITEHAVEN Coal shares have fallen after the miner cut its full year production guidance by up to eight per cent due to operational problems.

The northern NSW miner revised its guidance from 10.7 million tonnes of saleable coal to between 9.8 million and 10 million tonnes.

The company has had to stop production in a section of its key Narrabri mine due to safety issues relating to roof supports.

A return to production is still two to three weeks away.

Production had also been hampered by previously disclosed geotechnical challenges at another mine, Rocglen, the company said.

Whitehaven shares dropped 4.5 cents, or 2.8 per cent, to $1.56.

Whitehaven had some good news last week when the Commonwealth Department of the Environment found the company's biodiversity offsets package for its controversial flagship Maules Creek project complied with approval conditions.

Development of the Maules Creek mine has been met with vocal criticism from locals.


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